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Capri Global to Raise Up to USD 30 Million via Senior Secured USD Bonds
Capri Global Capital Limited's Management Committee has approved the issuance of up to 3,000 senior, secured, rated, listed, redeemable USD-denominated bonds of face value USD 10,000 each, raising up to USD 30 million (~Rs 250 Cr) on a private placement basis. The bonds carry a coupon rate of 6-month CME Term SOFR plus 240 basis points, payable semi-annually, with a 36-month maturity from allotment. They will be listed on India INX IFSC and/or NSE IFSC at GIFT City. The committee also approved India International Depository IFSC Limited as the RTA for the issue.
Confidence: HIGH
What changedThe company's Management Committee finalized the commercial terms for a USD 30 million offshore bond issuance and appointed the issue's RTA.
Why it mattersThe borrowing diversifies Capri Global's funding sources into international debt markets via GIFT City, though at ~Rs 250 Cr it represents a modest addition to its net worth of Rs 6,736 Cr (~3.7%).
Issue size: USD 30,000,000Coupon margin: 240 bps + 6M CME Term SOFRTenure: 36 monthsDefault interest penalty: 2% per annum
📅 Short termRoutine execution of an approved debt fundraise; unlikely to trigger immediate market price re-rating.
📈 Long termEstablishes a presence in the GIFT City debt capital markets, providing an alternative channel to fund loan book growth.
⚠ Risk flags
- Foreign currency and floating benchmark interest rate risk (CME Term SOFR exposure)
- Hypothecation charge created on company receivables
Key Highlights
Issue size of up to USD 30,000,000 via 3,000 bonds with face value USD 10,000 each
Coupon set at 6 months CME Term SOFR plus 240 bps, payable semi-annually
Tenure of 36 months from deemed date of allotment
Secured by first ranking, pari-passu charge on identified receivables
Proposed listing on India International Exchange IFSC and/or NSE IFSC
👀 What to Watch
Track the execution of transaction documents, exact allotment date, and hedging strategy for foreign currency exposure against the company's borrowing cost profile.
Capri Global Seeks Shareholder Nod for Up to ₹4,000 Cr Fundraise via Securities
Capri Global Capital Limited has issued a Postal Ballot Notice seeking shareholder approval via special resolution to raise up to ₹4,000 crore. The proposed fundraise represents approximately 16.7% of its current market cap (₹23,896 crore) and 59.4% of its net worth (₹6,736 crore). Capital may be raised in one or more tranches via equity shares, QIP, rights issue, ADR/GDR, FCCB, debentures, or other securities. The e-voting period runs from October 17, 2026, to November 15, 2026, with voting results to be declared on or before November 17, 2026.
Confidence: HIGH
What changedThe company has initiated an e-voting process to seek enabling shareholder approval to raise up to ₹4,000 crore in capital.
Why it mattersProvides headroom to raise substantial capital to support its target of growing AUM to ₹50,000 crore by FY28, though equity issuances could entail share dilution.
Proposed fundraise limit: ₹4,000 CroreFundraise vs Market Cap: ~16.7%Fundraise vs Net Worth: ~59.4%Cut-off date: October 09, 2026Voting end date: November 15, 2026
📅 Short termPrimarily procedural in the near term; market reaction will likely depend on the chosen mode of issuance (equity dilution vs debt) once approved.
📈 Long termIf successfully executed, the ₹4,000 crore capital base expansion will provide significant runway for lending growth across MSME, housing, and gold loans.
⚠ Risk flags
- Potential equity dilution risk if raised through QIP or equity-linked instruments
- Deployment risk in maintaining asset quality during rapid lending expansion
Key Highlights
Enabling resolution to raise funds up to ₹4,000 crore or equivalent in foreign currency
Proceeds intended for subsidiary investments, debt repayment, expansion plans, and working capital
Remote e-voting starts on October 17, 2026 (9:00 AM IST) and ends on November 15, 2026 (5:00 PM IST)
Record/Cut-off date for e-voting eligibility set as Friday, October 09, 2026
Results of the postal ballot to be declared on or before Tuesday, November 17, 2026
👀 What to Watch
Track the outcome of the postal ballot on November 17, 2026, followed by board decisions detailing the exact instrument, dilution level, and pricing.
Capri Global Board Approves Fundraise of Up to Rs 4,000 Crore
The Board of Directors of Capri Global Capital Limited has approved raising funds up to Rs 4,000 crore on October 14, 2026. The proposed fundraise will be executed in one or more tranches via equity, debt, convertible securities, warrants, QIP, rights issue, or preferential issues. This approved amount represents approximately 16.8% of the company's current market cap (Rs 23,856 crore) and 59.4% of its net worth (Rs 6,736 crore). Specific instrument mix, pricing, and shareholder approval timelines are yet to be finalized.
Confidence: HIGH
What changedThe Board authorized an enabling resolution to raise up to Rs 4,000 crore across debt/equity modes.
Why it mattersA successful raise provides substantial growth capital to expand its lending book and reach its target of Rs 50,000 crore AUM by FY28.
Fundraise approval: Rs. 4,000 croreFundraise vs Market Cap: ~16.8%Fundraise vs Net Worth: ~59.4%
📅 Short termStock may react to potential equity dilution risks or improved liquidity outlook depending on the chosen route.
📈 Long termSignificantly strengthens the balance sheet to sustain 25-30% loan book growth across MSME and gold loan verticals.
⚠ Risk flags
- Potential equity dilution if raised primarily via shares or convertibles
- Execution timeline dependent on shareholder and regulatory clearances
Key Highlights
Board approved raising funds up to Rs 4,000 crore in one or more tranches on October 14, 2026
Permissible modes include equity, debt securities, convertible securities, warrants, QIP, preferential issue, rights issue, FCCBs, and ECBs
Proposed fundraise equals ~16.8% of market capitalization (Rs 23,856 crore) and ~59.4% of net worth (Rs 6,736 crore)
Subject to requisite statutory and shareholder approvals
👀 What to Watch
Track the upcoming shareholder vote and subsequent exchange filings for the exact instrument structure (equity dilution vs. debt) and pricing terms.
Capri Global Board Approves Fundraise of Up to Rs 4,000 Cr via Equity/Debt
Capri Global Capital Limited's Board has approved raising funds up to Rs 4,000 crore through one or more permissible modes, including equity, debt securities, convertible securities, rights issue, preferential issue, or QIP. The proposed Rs 4,000 crore fundraise represents approximately 16.8% of the company's current market capitalization of Rs 23,856 crore and 59.4% of its net worth of Rs 6,736 crore. The issuance remains subject to regulatory and shareholder approvals. The capital injection is aligned with the company's stated goal of scaling its loan book and expanding AUM.
Confidence: HIGH
What changedThe Board granted formal approval to initiate a large fundraise of up to Rs 4,000 crore across debt or equity avenues.
Why it mattersA substantial capital infusion will strengthen CGCL's balance sheet and capital adequacy, supporting its aggressive AUM expansion targets in MSME, gold loans, and affordable housing.
Approved fundraise ceiling: Rs. 4,000 croreFundraise vs Market Cap: ~16.8%Fundraise vs Net Worth: ~59.4%
📅 Short termMarket focus will shift to the structure of the issuance, particularly the extent of prospective equity dilution versus non-dilutive debt instruments.
📈 Long termProvides necessary growth capital to support CGCL's multi-year target to expand AUM toward Rs 50,000 crore by FY28.
⚠ Risk flags
- Potential equity dilution risk depending on the proportion of equity/convertibles issued
- Execution risk and interest cost burden if a large portion is raised via debt in an elevated rate environment
Key Highlights
Board approved fundraising up to Rs 4,000 crore in one or more tranches
Permissible modes include equity shares, debt securities, convertible securities, warrants, rights issue, preferential issue, QIP, FCCBs, and ECBs
Proposed size of Rs 4,000 crore is ~16.8% of current market cap and ~59.4% of net worth
Issuance is subject to shareholder and statutory/regulatory approvals
👀 What to Watch
Watch for the upcoming shareholder vote details and subsequent disclosures regarding the specific instrument mix (equity dilution vs. debt) and pricing terms.
Capri Global Raises ₹160 Cr via 10-Year Subordinated NCDs at 9.75%
Capri Global Capital Limited (CGCL) has allotted 16,000 rated, listed, subordinated, unsecured non-convertible debentures (Series 18) aggregating to ₹160 crore via private placement. The issuance carries a fixed coupon rate of 9.75% per annum, payable monthly, with a 10-year maturity concluding on October 13, 2036. The total issue included a base size of ₹100 crore and a greenshoe option of up to ₹200 crore, resulting in ₹160 crore raised. The ₹160 crore fundraise represents approximately 2.37% of the company's net worth of ₹6,736 crore, providing long-term Tier-II capital for ongoing lending operations.
Confidence: HIGH
What changedCGCL has completed the allotment of ₹160 crore worth of 10-year subordinated unsecured NCDs via private placement on the BSE EBP platform.
Why it mattersSubordinated debt qualifies as Tier-II capital for NBFCs, strengthening the company's capital adequacy to support loan book growth across MSME and gold financing verticals.
Total Amount Raised: ₹160 croreCoupon Rate: 9.75% p.a.Tenure: 10 YearsMaturity Date: October 13, 2036Raise vs Net Worth: ~2.37%
📅 Short termNeutral; this is standard treasury funding for an NBFC and is unlikely to materially shift stock price action in the near term.
📈 Long termProvides durable 10-year capital that bolsters the capital adequacy ratio, aiding long-term AUM growth targets without immediate equity dilution.
⚠ Risk flags
- Subordinated debt carries lower claim priority in the capital structure relative to senior debt.
- Higher borrowing cost at 9.75% compared to typical senior secured bank loans.
Key Highlights
Allotted 16,000 rated, listed, subordinated, unsecured NCDs of face value ₹1,00,000 each aggregating to ₹160 crore
Fixed coupon rate set at 9.75% per annum, payable monthly
Tenure of 10 years with final maturity on October 13, 2036, redeemable at par
Base issue was ₹100 crore with a ₹200 crore greenshoe option (total shelf ₹300 crore)
👀 What to Watch
Track the company's overall cost of borrowing and net interest margins (NIMs) in upcoming quarterly earnings to see the margin impact of subordinated debt issued at 9.75%.
Acuité Reaffirms AA+/Stable Rating, Assigns AA+ and A1+ to Fresh Rs 2,600 Cr Bank Facilities
Capri Global Capital Limited announced that Acuité Ratings & Research has reaffirmed its long-term credit rating of 'ACUITE AA+|Stable' for existing bank loan facilities of Rs 10,550 crore, NCDs of Rs 1,553.88 crore, and proposed NCDs of Rs 1,296.12 crore. Additionally, Acuité assigned 'ACUITE AA+|Stable' to new bank loan facilities of Rs 2,400 crore and 'ACUITE A1+' to short-term facilities of Rs 200 crore. Total rated bank loan facilities now reach Rs 13,150 crore, supporting the company's aggressive loan book growth across MSME and gold financing verticals.
Confidence: HIGH
What changedAcuité reaffirmed existing ratings and assigned new ratings (AA+ and A1+) covering an incremental Rs 2,600 crore in bank loan facilities.
Why it mattersMaintains strong credit perception and access to competitive debt financing, crucial for an NBFC with ambitious AUM expansion targets.
Fresh Bank Facilities Rated: Rs 2,600 croreReaffirmed Bank Facilities: Rs 10,550 croreReaffirmed NCDs: Rs 1,553.88 croreProposed NCDs Rated: Rs 1,296.12 crore
📅 Short termStable to slightly positive sentiment given the reaffirmation of high-grade ratings and room for incremental bank borrowing.
📈 Long termStrong AA+ ratings preserve funding access and manageable borrowing costs as the firm pursues its multi-year target to expand AUM toward Rs 50,000 crore.
⚠ Risk flags
- High sensitivity to overall banking liquidity and interest rate movements affecting borrowing spreads.
Key Highlights
Reaffirmed 'ACUITE AA+|Stable' on existing Bank Loan Facilities of Rs 10,550 crore
Assigned new 'ACUITE AA+|Stable' rating to fresh Bank Loan Facilities of Rs 2,400 crore
Assigned new 'ACUITE A1+' rating to short-term Bank Loan Facilities of Rs 200 crore
Reaffirmed 'ACUITE AA+|Stable' on NCDs of Rs 1,553.88 crore and proposed NCDs of Rs 1,296.12 crore
👀 What to Watch
Track the disbursement trajectory and borrowing costs in upcoming quarterly results to see if the new credit limits facilitate lower cost of funds.
Acuite Assigns 'ACUITE AA+/Stable' Rating to Capri Global's Proposed Rs 400 Cr NCDs
Capri Global Capital Limited has received an 'ACUITE AA+/Stable' credit rating from Acuité Ratings & Research Limited for its proposed Non-Convertible Debentures (NCDs) aggregating to Rs 400 Crore. Of this total Rs 400 Crore facility, Rs 300 Crore is earmarked specifically for a subordinate debt issue. The proposed debt represents approximately 7.5% of the company's TTM revenue of Rs 5,318 Crore and 5.9% of its net worth of Rs 6,736 Crore. The high investment-grade rating supports the NBFC's funding access at competitive borrowing rates.
Confidence: HIGH
What changedAcuité assigned a high-grade 'ACUITE AA+/Stable' rating to Capri Global's planned Rs 400 Cr NCD issuance (including Rs 300 Cr subordinate debt).
Why it mattersSecuring an AA+ rating validates balance-sheet strength and enables the company to raise cost-effective debt to support its lending AUM expansion.
Proposed NCD Quantum: Rs. 400.00 CrSubordinate Debt Component: Rs. 300 CrNCD Quantum vs Net Worth: ~5.9%NCD Quantum vs TTM Revenue: ~7.5%
📅 Short termPositive for credit sentiment; paves the way for the immediate launch and pricing of the debenture issue.
📈 Long termSupports the company's long-term AUM growth target of Rs 50,000 Cr by FY28 by diversifying its liability profile and maintaining Tier-II capital through subordinate debt.
⚠ Risk flags
- Execution risk on debt placement at anticipated coupon yields
- Asset quality preservation across expanding Gold Loan and MSME books
Key Highlights
Acuite Ratings assigned 'ACUITE AA+/Stable' rating to proposed NCDs of Rs 400.00 Crore
Rs 300 Crore out of the Rs 400 Crore cumulative facility is reserved for a Subordinate debt issue
Intimation was received by the company on September 22, 2026 at 10:48 AM IST
Proposed facility corresponds to ~5.9% of Capri Global's net worth of Rs 6,736 Crore
👀 What to Watch
Monitor the formal issuance and coupon rates achieved on the NCDs and subordinate debt to assess incremental borrowing costs.
Capri Global Gets IVR AA+/Stable Rating for Proposed Rs 300 Cr Subordinated NCDs
Capri Global Capital Limited has received a credit rating of 'IVR AA+/Stable' from Infomerics Valuation and Rating Limited for its proposed Subordinated Non-Convertible Debentures (NCDs) amounting to Rs 300 Crore. The Rs 300 Crore proposed issuance represents approximately 4.5% of the company's net worth of Rs 6,736 Crore and about 5.6% of its TTM revenue of Rs 5,318 Crore. This subordinated debt will augment long-term Tier-II capital to support balance sheet expansion toward its stated growth targets.
Confidence: HIGH
What changedInfomerics has formally assigned an 'IVR AA+/Stable' rating to Capri Global's proposed Rs 300 Crore subordinated debt facility.
Why it mattersA high credit rating (AA+) enables the NBFC to raise subordinated capital at competitive borrowing costs, strengthening Tier-II capital and lending headroom without equity dilution.
Proposed NCD Quantum: Rs 300.00 CroreAssigned Credit Rating: IVR AA+/StableProposed Debt vs Net Worth: ~4.5%Proposed Debt vs TTM Revenue: ~5.6%
📅 Short termNeutral to mildly positive; paves the way for formal placement of the Rs 300 Crore subordinated debentures.
📈 Long termSupports balance sheet expansion and target AUM growth towards Rs 50,000 Crore by FY28 by bolstering capital adequacy.
⚠ Risk flags
- Subordinated debt carries lower repayment priority than senior debt
- Sensitivities around borrowing costs impacting interest coverage
Key Highlights
Infomerics assigned 'IVR AA+/Stable' rating for proposed Subordinated NCDs
Total quantum of proposed Subordinated NCDs is Rs 300.00 Crore
Proposed issuance equals ~4.5% of the company's net worth of Rs 6,736 Crore
Intimation received by the company on September 18, 2026, at 11:17 AM IST
👀 What to Watch
Track the upcoming issuance details including coupon rate, subscription demand, and subsequent deployment into high-yielding loan segments like gold and MSME finance.
Capri Global Raises $300M via 7.55% Senior Secured Notes Due Dec 2029
Capri Global Capital has approved the allotment and settlement of $300 million (~₹2,500 Cr) in 7.55% senior secured notes due December 2029 under its $1 billion GMTN Programme. The notes carry credit ratings of 'Ba3' by Moody's, 'BB-' by Fitch, and 'BB-/Positive' by CareEdge Global, and will be listed on India INX and NSE IFSC. Proceeds are earmarked for onward lending under RBI ECB regulations, bolstering liquidity for its high-growth lending verticals. The issue size represents roughly 37% of the company's net worth (₹6,736 Cr), significantly expanding its liability profile.
Confidence: HIGH
What changedCapri Global successfully completed the issuance and allotment of $300 million in offshore senior secured fixed-rate debt.
Why it mattersDiversifies borrowing sources internationally, funding the company's 25-30% growth target while extending liability duration to late 2029.
Issue Size: U.S.$ 300,000,000Coupon Rate: 7.55% per annumMaturity Date: December 09, 2029GMTN Programme Limit: U.S.$ 1,000,000,000
📅 Short termLiquidity profile strengthens immediately as proceeds settle, with listings to take place on GIFT City exchanges (India INX / NSE IX).
📈 Long termSupports the multi-year target to expand AUM toward ₹50,000 Cr by FY28 by tapping institutional foreign debt capital alongside domestic bank lines.
⚠ Risk flags
- Currency exchange risk if unhedged or high hedging costs impacting net interest margins
- Fixed borrowing cost of 7.55% in USD
Key Highlights
Allotment of $300,000,000 (USD 300 million) senior secured notes under the $1,000,000,000 GMTN programme
Fixed interest coupon of 7.55% per annum, payable semi-annually on June 09 and December 09 starting June 2027
Instrument maturity on December 09, 2029, with 3-year WAL and amortisation of 33.33% each across June, September, and December 2029
Rated 'Ba3' by Moody's, 'BB-' by Fitch, and 'BB-/Positive' by CareEdge Global
👀 What to Watch
Track the deployment of proceeds into high-yield segments (Gold/MSME loans) and monitor blended cost of funds and hedging costs in upcoming quarterly updates.
Capri Global Raises $300 Million via 7.55% Senior Secured Notes Due December 2029
Capri Global Capital Limited has completed the allotment and settlement of U.S.$ 300 million (approx. ₹2,500+ Cr) in 7.55% senior secured notes due December 2029 under its $1 billion GMTN Programme. The notes carry ratings of Ba3 by Moody's, BB- by Fitch, and BB-/Positive by CareEdge Global, and will be listed on India INX and NSE IX. Proceeds will be deployed for activities permitted under RBI regulations, primarily onward lending in accordance with ECB guidelines. The fundraising expands the company's liability base to support its 25-30% targeted AUM growth trajectory.
Confidence: HIGH
What changedCapri Global finalized and allotted $300M in international senior secured notes maturing December 2029 under its $1B GMTN programme.
Why it mattersThe fundraise diversifies the NBFC's funding sources beyond domestic banking partners, supplying fresh capital to fuel its target to grow AUM from ₹22,860 Cr towards ₹50,000 Cr by FY28.
Issue Size: U.S.$ 300,000,000Coupon Rate: 7.55% per annumMaturity Date: December 09, 2029GMTN Programme Limit: U.S.$ 1,000,000,000
📅 Short termEnhances immediate liquidity and completes international note settlement with listings on GIFT City exchanges (India INX and NSE IX).
📈 Long termBroadens wholesale institutional funding channels and supports long-term AUM compounding, though cross-currency hedging management will be key to preserving net margins.
⚠ Risk flags
- Currency and hedging risks inherent in foreign currency borrowing
- Interest rate spread management relative to domestic funding costs
Key Highlights
Allotment of U.S.$ 300,000,000 fixed-rate 7.55% senior secured notes maturing on December 09, 2029
Issued under a larger U.S.$ 1,000,000,000 Global Medium Term Note (GMTN) programme
Notes rated 'Ba3' by Moody's, 'BB-' by Fitch, and 'BB-/Positive' by CareEdge Global
Amortising repayment structure with 33.33% redemptions due in June, September, and December 2029
Proceeds earmarked for onward lending as per RBI External Commercial Borrowing (ECB) guidelines
👀 What to Watch
Track the deployment of funds into higher-yielding loan books (Gold Loans and MSME) and monitor the net impact of USD borrowing and hedging costs on overall NIMs in upcoming quarterly updates.
Capri Global Raises $300M via 7.55% Senior Secured Notes Due December 2029
Capri Global Capital Limited has completed the allotment and settlement of $300,000,000 (approx. ₹2,500+ Cr) in 7.55% senior secured notes due December 2029 under its $1 billion GMTN Programme. The notes carry a fixed coupon of 7.55% per annum, a 3-year weighted average life (WAL), and will be listed on India INX and NSE IX at GIFT City. The issue is rated Ba3 by Moody's and BB- by Fitch and CareEdge Global. Proceeds will be utilized for onward lending under RBI ECB guidelines, significantly supporting CGCL's loan book expansion.
Confidence: HIGH
What changedCGCL officially allotted and settled $300M of senior secured notes under its $1B GMTN Programme.
Why it mattersProvides long-term offshore funding to scale its lending operations, diversifying liability sources beyond domestic bank borrowings.
Issue Size: U.S.$ 300,000,000Coupon Rate: 7.55% per annumMaturity Date: December 09, 2029GMTN Programme Size: U.S.$ 1,000,000,000
📅 Short termExpands immediate liquidity available for onward disbursements, showing solid foreign institutional appetite for the company's paper.
📈 Long termEnhances liability diversification, helping the NBFC achieve its target AUM growth towards ₹50,000 Cr by FY28.
⚠ Risk flags
- Currency exchange risk and associated hedging costs on dollar-denominated borrowings
- Below investment grade ratings (Ba3/BB-) reflect elevated credit risk profiles in global markets
Key Highlights
Allotted $300,000,000 senior secured notes under the $1,000,000,000 GMTN Programme
Fixed interest coupon set at 7.55% per annum payable semi-annually
Final maturity due on December 09, 2029, with three equal 33.33% amortisations starting June 2029
Rated Ba3 by Moody's, BB- by Fitch, and BB-/Positive by CareEdge Global
👀 What to Watch
Monitor how effectively the company deploys these proceeds into higher-yielding assets (such as gold and MSME loans) and watch subsequent quarterly net interest margins (NIMs) to evaluate hedging and borrowing costs.
Capri Global Files Docs for $300M 7.55% Senior Secured Notes under $1B GMTN Programme
Capri Global Capital Limited (CGCL) has uploaded the final supplemental offering circular and pricing supplement for its issuance of $300 million (approx. ₹2,500 crore) 7.55% senior secured notes due December 2029. The issuance takes place under its larger $1 billion Global Medium Term Note (GMTN) Programme via India INX and NSE IFSC. The $300 million fundraise represents roughly 37% of the company's net worth (₹6,736 crore), providing sizable long-term liquidity for balance sheet expansion. The notes carry a fixed coupon of 7.55% per annum.
Confidence: HIGH
What changedCapri Global finalized and published terms and pricing documents for a $300 million overseas bond issuance maturing in December 2029.
Why it mattersThe $300 million raise (approx. ₹2,500 crore) diversifies funding sources away from domestic banks and strengthens long-term liquidity to support its stated 25-30% loan book growth target.
Tranche Issue Size: U.S.$ 300,000,000GMTN Programme Total: U.S.$ 1,000,000,000Coupon Rate: 7.55%Maturity: December 2029Issue size vs Net Worth (~₹6,736 Cr): ~37%
📅 Short termReceipt of overseas debt proceeds will boost the company's liquidity buffer, enabling accelerated disbursements across gold loan and MSME verticals.
📈 Long termTapping the international bond market establishes an alternative debt channel and reduces dependency on domestic bank credit lines as the company targets ₹50,000 Cr AUM by FY28.
⚠ Risk flags
- Foreign currency exchange rate and hedging cost risks
- Higher borrowing cost benchmark relative to domestic funding, potentially squeezing interest margins if unhedged
Key Highlights
Issuance of $300,000,000 senior secured notes under the $1,000,000,000 GMTN Programme
Notes carry an annual coupon rate of 7.55%
Maturity date set for December 2029
Final offering circular and pricing supplement dated September 09, 2026 uploaded on India INX and NSE IFSC
👀 What to Watch
Track the fund deployment timeline into lending operations and monitor hedging costs associated with foreign currency borrowings to evaluate impact on net interest margins.
Fitch Assigns Final 'BB-' Rating to CGCL's $300M Senior Secured Notes
Fitch Ratings has assigned a final credit rating of 'BB-' with a Stable outlook to Capri Global Capital Limited's USD 300 million senior secured notes due December 2029. The notes carry a coupon of 7.55% and will be issued under the company's USD 1,000,000,000 Global Medium Term Note (GMTN) Programme. The final rating confirms the expected 'BB-(EXP)' assigned on September 01, 2026. This offshore issuance will diversify CGCL's liability mix to support its target AUM growth trajectory.
Confidence: HIGH
What changedFitch upgraded the expected rating 'BB-(EXP)' to a final credit rating of 'BB-' on CGCL's USD 300 million notes.
Why it mattersFinalizing the credit rating allows CGCL to conclude its USD 300 million overseas bond issuance, securing long-term funding through December 2029.
Notes issuance value: USD 300 millionCoupon rate: 7.55%Maturity date: December 2029GMTN Programme size: USD 1,000,000,000Fitch credit rating: BB-
📅 Short termNeutral. The confirmation of the rating was expected following the September 1, 2026 intimation and removes closing uncertainty for the issuance.
📈 Long termExpands access to international debt capital markets under the $1B GMTN umbrella, supporting CGCL's long-term AUM growth targets while requiring prudent FX risk management.
⚠ Risk flags
- Currency risk exposure on USD-denominated debt if not adequately hedged
- Sub-investment grade rating (BB-) reflects inherent emerging-market non-bank finance risks
Key Highlights
Final rating of 'BB-' assigned by Fitch Ratings Limited, matching the prior 'BB-(EXP)' expected rating
Notes issuance size is USD 300 million with a fixed coupon rate of 7.55%
Tenor matures in December 2029 under the company's USD 1,000,000,000 GMTN Programme
Issued under Regulation S and Rule 144A of the U.S. Securities Act of 1933
👀 What to Watch
Track the final settlement and fund deployment from the USD 300 million issuance, alongside hedging strategies to manage foreign exchange risk.
Moody's Assigns 'Ba3' Rating to Capri Global's USD Notes Under $1B GMTN Programme
Capri Global Capital Limited announced that Moody's Ratings has assigned a 'Ba3 long-term foreign currency senior secured' rating to its proposed senior secured USD notes. The notes are to be issued under the company's US$1.0 billion Global Medium Term Note (GMTN) Programme, which carries a provisional rating of (P)Ba3. This rating enables the NBFC to access international debt capital markets under Regulation S and Rule 144A of the U.S. Securities Act.
Confidence: HIGH
What changedMoody's has assigned a formal Ba3 credit rating to senior secured USD notes to be issued under Capri Global's $1.0B GMTN programme.
Why it mattersObtaining an international credit rating allows Capri Global to diversify its borrowing mix into global bond markets, supporting its aggressive AUM expansion targets.
GMTN Programme Size: US$ 1.0 billionAssigned Rating: Ba3 long-term foreign currency senior securedProgramme Provisional Rating: (P)Ba3Programme size vs Net Worth (Rs 6,736 Cr): ~123% (assuming $1=Rs 83)
📅 Short termPositive sentiment for borrowing diversification, though market attention will focus on the actual drawdown size and yield at issue.
📈 Long termBroadens funding access beyond domestic banking channels to support long-term loan growth in MSME, gold, and housing portfolios.
⚠ Risk flags
- Foreign currency exchange risk and hedging costs on USD-denominated debt
- Sub-investment grade (Ba3) rating may carry higher coupon spreads
Key Highlights
Moody's assigned 'Ba3 long-term foreign currency senior secured' rating to upcoming USD notes
Notes are part of Capri Global's US$1.0 billion Global Medium Term Note (GMTN) Programme
Underlying GMTN Programme carries a provisional (P)Ba3 rating
Issuance structured pursuant to Regulation S and Rule 144A of the U.S. Securities Act of 1933
👀 What to Watch
Track the final pricing, coupon rate, and issue size of the USD notes drawdown, as well as currency hedging costs and balance sheet leverage impacts.
Capri Global Raises $300M via Maiden 2029 USD Bond Issuance at 7.55% Coupon
Capri Global Capital Limited has completed its debut US Dollar bond issuance, raising US$ 300 million through Senior Secured Notes maturing in 2029. The notes were priced at an annual coupon of 7.55% and experienced strong demand, being oversubscribed by more than 2.3x with an order book exceeding US$ 700 million across 64 institutional accounts. US investors secured 49% of the allocation, followed by Asia (39%) and EMEA (12%), with asset managers taking 91% of the issue. This maiden offshore issuance diversifies the company's liability profile beyond domestic funding channels to support loan growth.
Confidence: HIGH
What changedCapri Global accessed international debt capital markets for the first time, issuing $300M of 3-year senior secured notes.
Why it mattersBroadens funding sources into international liquidity pools, reducing reliance on domestic banks and supporting AUM expansion.
Bond Issue Size: US$ 300 millionCoupon Rate: 7.55% per annumOrder Book: exceeding US$ 700 millionOversubscription: over 2.3xMaturity: 2029AUM (as of June 30, 2026): over Rs. 40,000 crores
📅 Short termPositive for market sentiment as the 2.3x oversubscription demonstrates strong credit appetite from global institutional investors.
📈 Long termEstablishes an international debt curve and opens access to global capital pools, essential for funding the company's long-term AUM growth targets.
⚠ Risk flags
- Foreign exchange and hedging cost risks on USD-denominated liabilities
- Refinancing requirement upon bullet maturity in 2029
Key Highlights
Raised US$ 300 million through maiden Senior Secured Notes maturing in 2029.
Bonds priced at a fixed coupon of 7.55% per annum.
Order book exceeded US$ 700 million, resulting in an oversubscription of >2.3x across 64 accounts.
Geographic allocation was led by the US (49%), Asia (39%), and EMEA (12%), with 91% allocated to asset managers.
Company reported AUM exceeding Rs 40,000 crore across 1,400+ branches as of June 30, 2026.
👀 What to Watch
Track the fully hedged borrowing cost in upcoming quarterly disclosures to evaluate the net interest margin impact compared to domestic bank borrowings.
Capri Global approves pricing of $300M 7.55% Senior Secured Notes due 2029
Capri Global Capital Limited approved the pricing and terms for issuing $300 million (approx. ₹2,500 Cr) 7.55% Senior Secured Notes due 2029 under its $1 billion GMTN Programme. The 3-year WAL notes are scheduled for allotment on September 09, 2026, with listing on India INX and NSE IFSC at GIFT City. The issue has an expected rating of 'Ba3' from Moody's and 'BB-' from Fitch. Proceeds will be deployed for onward lending under RBI ECB guidelines to fuel loan book growth.
Confidence: HIGH
What changedFinalized the pricing and documentation for a $300M overseas bond tranche under its $1B GMTN Programme.
Why it mattersExpands and diversifies funding sources into international debt markets, securing medium-term liquidity to support its AUM expansion plans.
Issue size: U.S.$300,000,000Coupon rate: 7.55% per annumGMTN Programme limit: U.S.$1,000,000,000Closing and settlement date: September 09, 2026Maturity date: December 09, 2029
📅 Short termSuccessful issuance and listing on GIFT City exchanges on September 09, 2026 demonstrate access to international debt markets.
📈 Long termDiversifies liabilities away from domestic bank lines, helping fund long-term growth across MSME and Gold Loan portfolios.
⚠ Risk flags
- Foreign currency and hedging cost risks on USD-denominated liabilities
- Credit rating pegged at sub-investment grade (Ba3/BB-)
Key Highlights
Approved issue of $300,000,000 fixed-rate 7.55% Senior Secured Notes under the $1,000,000,000 GMTN Programme.
Tenure of 3 Years WAL with final maturity on December 09, 2029; settlement scheduled for September 09, 2026.
Amortisation in three equal tranches of 33.33% each on June 09, September 09, and December 09, 2029.
Expected credit rating of 'Ba3' by Moody's and 'BB-' by Fitch; to be listed on India INX and NSE IFSC.
👀 What to Watch
Monitor closing and settlement on September 09, 2026, along with fully-hedged borrowing costs disclosed in upcoming quarterly results.
Capri Global Prices $300M Senior Secured Notes at 7.55% Due 2029 Under $1B GMTN Program
Capri Global Capital has approved the pricing and terms for issuing U.S.$300,000,000 (approx. ₹2,500 Cr) in 7.55% Senior Secured Notes maturing in December 2029 under its $1 billion GMTN Programme. The notes carry an expected rating of 'Ba3' from Moody's and 'BB-' from Fitch, with an allotment date set for September 09, 2026. The issue features an amortizing structure with equal 33.33% repayments across June, September, and December 2029. Proceeds will be deployed for onward lending in compliance with RBI external commercial borrowing (ECB) guidelines.
Confidence: HIGH
What changedThe company finalized pricing and documentation to draw down $300M from its $1B GMTN programme at a 7.55% fixed coupon.
Why it mattersThe fundraise expands and diversifies the company's liability profile into international debt markets, providing long-term funding to support its target loan book growth.
Issue Size: U.S.$300,000,000Coupon Rate: 7.55% per annumGMTN Programme Size: U.S.$1,000,000,000Issue vs Net Worth (₹6,736 Cr): ~37%Allotment Date: September 09, 2026Maturity Date: December 09, 2029
📅 Short termClosing and settlement are slated for September 09, 2026; inflows will enhance liquidity for disbursement.
📈 Long termAccessing offshore debt markets establishes an alternative funding channel to support CGCL's long-term AUM expansion goals.
⚠ Risk flags
- Foreign currency exposure requiring effective hedging to avoid currency volatility risks
- Fixed borrowing cost of 7.55% plus hedging costs against lending yields
Key Highlights
Approved issuance of U.S.$300,000,000 7.55% Senior Secured Notes due December 09, 2029
Notes issued under the company's U.S.$1,000,000,000 Global Medium Term Note (GMTN) Programme
Expected credit rating of 'Ba3' by Moody's and 'BB-' by Fitch
Allotment scheduled for September 09, 2026, with listing on India INX and NSE IFSC
Principal amortisation structured in three equal tranches of 33.33% starting June 09, 2029
👀 What to Watch
Track the settlement and listing on India INX / NSE IFSC on September 09, 2026, alongside hedging costs and deployment into higher-yielding segments like Gold Loans and Construction Finance in upcoming quarters.
CareEdge Global Assigns 'CareEdge BB-/Positive' to Capri Global's $300M Notes under $1B GMTN Program
Capri Global Capital Limited has received an international credit rating of 'CareEdge BB-/Positive' from CareEdge Global IFSC Limited for its proposed US$ 300 million senior secured notes. The notes are to be issued under the company's US$ 1 billion Global Medium Term Note (GMTN) Programme pursuant to Regulation S and Rule 144A. CareEdge Global also assigned an issuer rating of 'CareEdge BB-/Positive' to the overall USD 1 billion programme. This rating assignment paves the way for overseas debt issuance to diversify funding sources.
Confidence: HIGH
What changedCareEdge Global assigned a 'CareEdge BB-/Positive' rating to Capri Global's $1B GMTN program and its upcoming $300M note issuance.
Why it mattersEnables the company to access international bond markets, diversifying its liability profile beyond domestic banks and domestic debt markets to support loan book growth.
Proposed Notes Issue: US$ 300 millionTotal GMTN Programme Size: U.S.$ 1,000,000,000Assigned Credit Rating: CareEdge BB-/PositiveRating Agency: CareEdge Global IFSC Limited
📅 Short termSets the stage for marketing and pricing the USD 300 million offshore debt offering over the coming weeks.
📈 Long termEstablishing a foreign currency borrowing route provides liquidity diversification to help scale the NBFC's AUM towards its multi-year expansion targets.
⚠ Risk flags
- Currency and hedging risks associated with foreign currency-denominated borrowings
- High interest rate volatility in global bond markets affecting coupon rates
Key Highlights
CareEdge Global IFSC Limited assigned 'CareEdge BB-/Positive' rating to the proposed US$ 300 million senior secured notes
Assigned 'CareEdge BB-/Positive' rating to the established US$ 1,000,000,000 (USD 1 billion) GMTN Programme
Assigned Long-Term Foreign Currency issuer rating of 'CareEdge BB-/Positive' to the company
Notes are planned to be issued pursuant to Regulation S and Rule 144A of the U.S. Securities Act of 1933
👀 What to Watch
Track the final pricing, coupon rate, and successful closure of the proposed $300 million note issuance to evaluate the landed cost of foreign borrowing versus domestic funding.
Capri Global files preliminary circular for USD 1B Global Medium Term Note Programme
Capri Global Capital Limited has uploaded a preliminary supplemental offering circular dated September 01, 2026, on India INX and NSE IFSC. The filing is in relation to its USD 1 billion Global Medium Term Note (GMTN) Programme. This offshore platform provides the NBFC with a multi-currency debt issuance vehicle to support long-term loan book expansion across MSME, affordable housing, and gold loans.
Confidence: HIGH
What changedCapri Global uploaded an updated preliminary supplemental offering circular for its USD 1 billion GMTN programme on GIFT City exchanges.
Why it mattersMaintaining an active USD 1 billion GMTN platform enables the company to tap offshore liquidity to diversify liability sources beyond domestic bank borrowings.
GMTN Programme Size: USD 1 billionCircular Date: September 01, 2026Net Worth (Q1 FY27 Context): Rs 6736 Cr
📅 Short termProcedural step to update issuance documentation; near-term stock reaction is expected to be neutral until actual notes are priced.
📈 Long termEnhances funding flexibility to support the company's stated goal of scaling AUM towards Rs 50,000 Cr by FY28.
⚠ Risk flags
- Foreign currency exchange risk and hedging costs on offshore borrowings
- Global interest rate volatility affecting note issuance pricing
Key Highlights
Uploaded preliminary supplemental offering circular dated September 01, 2026
Pertains to the company's USD 1 billion Global Medium Term Note (GMTN) Programme
Circulars published on GIFT City exchanges India INX and NSE IFSC
Intimation confirmed received on September 1, 2026, at 11:49 a.m. IST
👀 What to Watch
Track announcements regarding specific bond tranche issuances under the GMTN programme, including pricing, tenors, and coupon rates.
Fitch Assigns 'BB-(EXP)' Rating to Capri Global's Proposed USD 1B GMTN Programme
Fitch Ratings has assigned an expected rating of 'BB-(EXP)' to Capri Global Capital Limited's proposed US dollar-denominated senior secured notes. The bonds are to be issued under the company's USD 1,000,000,000 (USD 1 billion) Global Medium Term Note (GMTN) Programme. The issuer's long-term rating stands at 'BB-/Stable'. This rating clears the pathway for CGCL to raise foreign currency debt under Regulation S and Rule 144A.
Confidence: HIGH
What changedFitch Ratings issued an expected 'BB-(EXP)' rating for CGCL's proposed USD senior secured notes under its $1B GMTN programme.
Why it mattersOpening an offshore borrowing channel diversifies CGCL's funding sources beyond domestic banks and NCD markets to support its 25-30% annual AUM growth ambitions.
GMTN Programme size: USD 1,000,000,000Expected Rating: BB-(EXP)Issuer Rating: BB-/StableGMTN Programme vs Net Worth (Rs 6,736 Cr): ~123%
📅 Short termSets the stage for potential dollar bond issuances in the coming quarters depending on international credit market conditions.
📈 Long termExpands long-term liability diversification, reducing single-market liquidity dependence as AUM scales toward management's long-term goals.
⚠ Risk flags
- Foreign exchange risk on unhedged exposure
- BB- rating sits in the non-investment/speculative grade category internationally, which may impact borrowing costs
Key Highlights
Fitch assigned an expected rating of 'BB-(EXP)' to proposed USD senior secured bonds
Bonds to be issued under a USD 1,000,000,000 (USD 1 billion) GMTN Programme
Company issuer rating affirmed at 'BB-/Stable'
Offering planned pursuant to Regulation S and Rule 144A of the U.S. Securities Act of 1933
👀 What to Watch
Track the launch of initial tranches under the GMTN programme, final pricing/coupon rates, and the company's currency hedging arrangements.
